Recession looms amid frenzied rescue efforts

摘要

The world teetered on the edge of recession last month as governments across the world pumped billions into their banking systems to avoid a collapse. The US government injected $250bn into its banking sector and took large stakes in nine of its biggest banks. Earlier in the month the US Congress finally passed the disputed $700bn Troubled Asset Relief Programme, which was put in place to hoover up toxic debt and encourage banks to start lending to one another again. US Treasury secretary Hank Paulson labelled the bail-out "objectionable" but said the government had little choice.